VEON Ltd's stock surged 12.62% in pre-market trading following the release of its fourth-quarter and full-year 2025 financial results, which showcased exceptional digital transformation progress and exceeded market expectations.

The digital operator reported explosive growth in its digital services segment, with fourth-quarter digital revenues skyrocketing 84.1% year-on-year to $235 million, accounting for 20.1% of total group revenue. This record digital performance drove a 17.4% increase in total revenue to $1.171 billion for the quarter, beating analyst estimates of $1.122 billion. EBITDA for the quarter grew 29.1% to $527 million, with the margin expanding by 410 basis points to 45.0%.

For the full year 2025, VEON's revenue increased 9.9% to $4.399 billion while EBITDA rose 18.8% to $2.009 billion. The company provided optimistic guidance for 2026, expecting total revenue growth of 9%-12% and EBITDA growth of 7%-10% in USD terms. Additional positive developments include the expansion of its Starlink partnership to Bangladesh, disciplined capital allocation through share buyback programs, and strategic acquisitions that position the company for sustained value creation in digital services.